ATHENS, Greece – Greece appeared to step back from the prospect of a devastating debt default Friday after its prime minister quelled chaotic political infighting and Germany softened a contentious demand that the private sector participate in a European bailout. After two days of dissent inside his Socialist party that threatened to bring down his government, Prime Minister George Papandreou named his main internal rival as finance minister. The move is expected to solidify the support from lawmakers Papandreou needs to pass a 28 billion euro ($39.5 billion) package of steep tax hikes and budget cuts so despised inside Greece that riots exploded outside parliament this week. European donors…
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on June 17, 2011. Filed under